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#SLP is going to fly in near future 🚨
#target is about $0.012 (2x) ... Just got the signal gor you 🚦
#Appreciate me with a #TIP if you got good profit 🎯
#target is about $0.012 (2x) ... Just got the signal gor you 🚦
#Appreciate me with a #TIP if you got good profit 🎯
$BTC BTC price at 11x S&P 500 signals Bitcoin is 'rolling over' — Analyst
Bitcoin may still be the "fastest horse" in the risk asset race, but its signals are anything but encouraging for bulls, says Bloomberg's Mike McGlone.
Bitcoin
BTC
$59,549 #Appreciate
is still “rolling over” as its value versus the S&P 500 stays well clear of all-time highs.
In his latest analysis on X, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, suggested that the risk-asset race “may be over.”
McGlone: Bitcoin suffering from a "hangover"
Bitcoin has struggled to match its latest all-time high from March, but another metric suggests deeper systemic weakness.
BTC/USD, McGlone notes, is currently around 11 times the value of the S&P 500 — which is itself near all-time highs.
In the first quarter of 2020, Bitcoin was on top, reaching 15 times the S&P in a record which has never been beaten. By contrast, the future may see a 50% drop from that time.
“Is the fastest horse signaling the race is over?” McGlone queried.
At about 11x now, the Bitcoin/S&P 500 peak was 15x in 1Q20 and this years lower high was 14x. The biggest money pump in history and US ETF launches in past tense may suggest a hangover, pendulum swing back toward 7x Bitcoin/SPX.”
In subsequent interactions, he confirmed his theory that Bitcoin continues to “roll over.”
“The fastest horse in the race may be signaling the race is over,” he wrote while responding to a question over Bitcoin’s relatively lackluster performance versus other risk assets.
As Cointelegraph reported, that performance stands out versus that of gold as well as the S&P 500. XAU/USD saw new all-time highs of its own this month.
BTC price action meanwhile continued to chop around $60,000 ahead of the Aug. 28 Wall Street open, per data from Cointelegraph Markets Pro and TradingView.
After a snap liquidation cascade overnight, BTC/USD saw a fresh visit to $58,000 before halting its downside.#Write2Earn!
“Still no break in the trend,” popular trader Crypto Chase determined.
Bitcoin may still be the "fastest horse" in the risk asset race, but its signals are anything but encouraging for bulls, says Bloomberg's Mike McGlone.
Bitcoin
BTC
$59,549 #Appreciate
is still “rolling over” as its value versus the S&P 500 stays well clear of all-time highs.
In his latest analysis on X, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, suggested that the risk-asset race “may be over.”
McGlone: Bitcoin suffering from a "hangover"
Bitcoin has struggled to match its latest all-time high from March, but another metric suggests deeper systemic weakness.
BTC/USD, McGlone notes, is currently around 11 times the value of the S&P 500 — which is itself near all-time highs.
In the first quarter of 2020, Bitcoin was on top, reaching 15 times the S&P in a record which has never been beaten. By contrast, the future may see a 50% drop from that time.
“Is the fastest horse signaling the race is over?” McGlone queried.
At about 11x now, the Bitcoin/S&P 500 peak was 15x in 1Q20 and this years lower high was 14x. The biggest money pump in history and US ETF launches in past tense may suggest a hangover, pendulum swing back toward 7x Bitcoin/SPX.”
In subsequent interactions, he confirmed his theory that Bitcoin continues to “roll over.”
“The fastest horse in the race may be signaling the race is over,” he wrote while responding to a question over Bitcoin’s relatively lackluster performance versus other risk assets.
As Cointelegraph reported, that performance stands out versus that of gold as well as the S&P 500. XAU/USD saw new all-time highs of its own this month.
BTC price action meanwhile continued to chop around $60,000 ahead of the Aug. 28 Wall Street open, per data from Cointelegraph Markets Pro and TradingView.
After a snap liquidation cascade overnight, BTC/USD saw a fresh visit to $58,000 before halting its downside.#Write2Earn!
“Still no break in the trend,” popular trader Crypto Chase determined.
